All Forum Posts by: Luke Henry

@Nick Boring

Hey Nick, my team and I are planning on putting in a handful of bids this go around. If your interested or want to go through the process a little more in depth let me know.

Thanks for putting in the time and input! Had I found Biggerpockets 6 months ago before we got the car this post probably wouldn't have been needed lol (Would have got a cheaper car). 

Anyhow, the cash reserves are 6 months of income, and 1 year is the goal. And yes the 30k is just a launching pad. 

After reading these I think we will pay 1-5k increments @ a time in order to keep our "launch pad" (like that term) around 30k and growing.

Our car loan is 30k. Mo. pymnt $550 w/$77 going to interest. 

We have 30k saved up to invest after our cash reserves. We are looking for our first rental property/cash flowing asset...

Should we pay off the car and start our 30k savings again? Pay down the loan so the interest is lower? Or invest the 30k somewhere else that can cash flow? 

(Also we are in San Diego, Ca. and it looks like any cash flowing asset would have to be out of state or @ least a far drive)

Thanks, 

Luke